401 Maple St

White River Junction, VT 05001

$550,000C

4 bd · 4.0 ba · 3,200 sqft · Built 1900 · MultiFamily · Pending · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,486/mo
• Mortgage (P&I): −$2,884
• Tax + insurance: −$585
• HOA: −$0
• Vac / Maint / Mgmt: −$1,362
• Net cashflow: $1,655/mo
• Annual: $19,855/yr
• Cap rate: 9.90%
• Cash-on-cash: 12.89%
• DSCR: 1.57
• 1% rule: 1.18%
• Cash to close: $154,000

Investor read

• This is a 4-bed/4.0-bath multifamily listed at $550k.
• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $550k).
• It's been on market 15 days — a 2% lower offer ($542k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $542k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 88/100 on livability (#2 in VT, #185 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+.
• Zoned schools: Dothan Brook School (math 47% / reading 57%, grade C-, #44 of 192 statewide, top 24%, 246 students, 28% FRL); Hartford Memorial Middle School (math 25% / reading 52%, grade F, #15 of 26 statewide, top 56%, 294 students, 35% FRL); Hartford High School (math 17% / reading 37%, grade F, #40 of 48 statewide, top 85%, 518 students, 22% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 58 active listings in the ZIP; solid renter incomes; 339 units permitted in Windsor County in 2024 (240 in 5+ unit buildings).
• Windsor County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $429k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $154k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• At $6,486/mo this rent would consume 100% of the median local household income ($78k/yr) (locally 227% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.